I'm a buy-to-let landlord AMA

[accidentallandlord]

I own four flats in and around London - AMA.

Thanks! Yes, much easier for us as we can show people round as it is our house currently.

How do you rationalise the fact that by to let landlords have massively contributed to the housing crisis in London? By buying up properties that would have been in reach for first time buyers, using property as an investment not a home and charging rent which is so high it means people really struggle to save for a deposit even on a good income.

I was going to ask how you live with your self but decided to be a little bit more constructive

Do you live in London? If so how is it seeing people day in day out who are experiencing difficult situations that you contribute to? Or do you just stay in the fancy bitd?

I personally think using residential property as investment is unethical. It actively harms society. How do you feel about that point of view?

Sorry buy to let! I might be having a go but really that's no excuse!

@Gorillagirlfanclub I believe I've answered all of your questions in a previous reply if you RTFT. If there's anything I've missed, let me know and I'll take a second crack.

Would you rent to disabled people? I always wonder if it's the landlords who decide no viewings by disabled people or the agencies. It took me over a year of looking to get my current flat, in all that time only one single EA let me look around any flats. Is it because of this insurance issue that so many landlords and agencies cite, or just the bother of dealing with a disabled person, assuming they'd need to make adaptations or be feckless or something. Even with guarantors, offers to pay double deposit and a year rent in advance no one would even let me as far as a viewing! I may be a tad bitter, and a lot more scared for my future, about this!

Also, how many times would a tenant have to contact you to be considered 'trouble' or just annoying, enough to consider kicking them out. I've been in my flat less than 18 months and already had to contact my landlord 3 times and I really worry they see me too much work. I contacted as my kitchen blind fell off into the gutter outside, someone tried to break in and damaged the main door, and mains fire alarm was loudly beeping every few seconds for several days. They seem to not be too put out but it's via email. My last place I contacted 3 times in my last year there and they changed my inspections from every 6 months to 3 months, and doubled the required photo amount. Would you as landlord informally tell a tenant they were being too demanding or go strait to official action like my last landlord? I do have a reason for asking, I'd like to contact my LL yet again as my bath is leaking somewhat but I worry this may be the annoyance that gets me kicked out.

If ever get well enough to work again, I'm going to do my damnedest to buy. The stress of renting is horrific!

I fgs! MNHQ. I do wonder why people start these threads when they can't take the criticism.

I tried to be civil even though I believe buy to let landlords are a drain on society. I was met with a rude reply. That probs actually tells me what I need to know about op and what they do.

It's utter bs that it's only a business. Business's harm people all of the time. It doesn't make it OK.

@GoldilocksAndTheThreePears Would you rent to disabled people?

My gosh, of course - assuming the property was suitable and they met the rent income criteria. I assumed it would be discriminatory to refuse to!

One of my flats would be very difficult for a disabled person who required a wheelchair as it is 2nd floor with no lift. There is one ground floor one - though I think there is a step from outdoors to the communal entrance. I would be unlikely to be able to make any adjustments myself as I don't own the whole building, but I would certainly raise it on your behalf with the building owners.

Very honestly I wouldn't be able to fund any adaptive equipment, but would have no problem with you installing it yourself, so long as it was removed and made good at the end of your tenancies.

I have never, and I mean never asked a tenant to leave for asking me about repairs. Firstly, it's in my interest to keep the properties in good condition - I would actively want to hear about all the things you mentioned.

ESPECIALLY the leak. Especially if it's a flat. An unreported leak could mean your downstairs neighbour (if you have one) is slowly collecting water, which could cause 1000s of pounds of damage which I would then be liable for.

Check your tenancy agreement for inspection frequency/photos of the property. I allow my tenants "quiet enjoyment" wherever possible and only inspect every year or so, unless I suspect problems.

The only time I get irritated with tenants is when they repeatedly report something that is their issue to sort out (failure to open windows and drying laundry inside can cause mould - there's nothing I can do about this as a landlord), or - ironically - if they fail to report something early that turns into a big problem (like a leak).

Of course, I don't and can't speak for all landlords, but I absolutely wouldn't look to evict anyone for anything other than non-payment of rent, illegal activity or trashing the property.

@Gorrillagirlfanclub I wonder if we got off on the wrong foot - I meant RTFT as "read the full thread", not what you thought I meant. Sorry if there was a misunderstanding there.

This is an Ask Me Anything thread - I am happy to answer any questions, but it is not an Abuse Me as Much as You Like thread. I do still believe I have answered all your questions in depth in previous replies.

If not, please re-ask, and I will try again.

If I accept £100 less per month than I know I can easily get, then my children have £100 less per month for swimming lessons etc.

Diddums. You kick another family (or couple, or single person) out of their HOME so that you can buy extra luxuries for your kids, by exploiting and profiting from people's basic need for a home.

I wish to god that renting was a better option. I'm trying to move house at the moment (buying and selling) and it's a huge stress. But landlords are people who want to maximise their profit on someone else's home. And then pretend that it all just happened 'accidentally'.

I experienced the consequences of that for 20 years before I bought my first home. I can't put my kids through that, being at the mercy of greedy profit-mongers.

@GordgonLondon I have never kicked anybody out of their home. I have never had to serve a Section 21. I have, once, failed to renew a tenancy agreement because we couldn't agree on a rent increase. However, we parted on amicable terms, and actually we still keep in touch.

Did you have a question?

I don't have any questions but I noticed upthread you said that if a prospective tenant has a bad credit record, you would offer to let them pay 6 months rent up front
I just want to let you know this is a spectacularly bad idea (and sorry to say proves you are an accidental landlord) because it means you have to wait a lot longer to start eviction proceedings if that tenant then does fall into arrears

When rent is paid weekly or monthly, you need to wait for them to be 2 months in arrears before you can start proceedings
If you accept rent quarterly or longer, you have to wait 3+, and I've heard of landlords before Who were told by the courts they had to wait to '2 rent payments to be missed' before eviction could be considered
If you take rent every 6 months, 2 missed payments mean you have to wait a year

I have never had to serve a Section 21.
I have, once, failed to renew a tenancy agreement because we couldn't agree on a rent increase.

So someone had to leave their home because you increased the rent beyond a point that they could afford.

And you say

I have never kicked anybody out of their home.

As you seem to need it to be in the form of a question, here's one: did you write that post with a straight face?

Do you think if you just owned one flat, then other people might find it easier to own their own properties too?

Accidental landlord - thanks forbeing brave enough tooffer to answer questions!

To some of the people asking questions a genuine question:

• Do you question someone that makes a business of selling and repairing heaters? Should they provide free service to all the people struggling?

• Do you think it is OK to charge for health services, psychological counseling, nursing, etc?

• Do you think it is OK to own a pub and makeaprofit of people's drinking habit?

I could go on, but the real question is why landlords are in general vilified?

@tenbob That is interesting and not anything I'd heard before. It has only happened rarely - and what I have done previously is have a 6 month contract with a break clause (meaning notice can be served by either party at the 6 month point), and then decide at that point with the tenant whether we will do the same again (6 months' rent in advance) or whether we will move to a monthly rent model.

The tenancy agreement will stipulate rent to be paid monthly, and 6 months to be paid in advance, so I am not sure where that would sit legally, as I take your point that it could be construed as "one rental payment". I always get contracts drawn up professionally, so I would hope a lettings agent would alert me to the pitfall you have pointed out. Thankfully it has never become an actual issue.

If I get a tenant in future where we are considering this, I will bear your words in mind!

@NameChanger22 Do you think if you just owned one flat, then other people might find it easier to own their own properties too?

If I just owned one flat? No, of course not, it would make no difference at all. If the law was changed so nobody could own more than one flat, yes very likely. I haven't seen anyone campaigning for it to be made illegal to own more than one property.

Tax raises are a decent way of dealing with people, like me, who profit from the rental market. It is up to others to pressure their MPs to make sure that the surplus funds raised go back into the system to provide housing solutions.

Lua

Housing is a basic need, would you think it was ok to charge for NHS operations once the surgeons had worked from January to March each year, otherwise wait till next year - but there’s no guarantees you’ll get a bed

If social housing was plentiful then do you think private landlords would be accidental?

I find mumsnet bizarre with its “we hate landlords” attitude.

You can be a good person and let out property. There are people who don’t see owning their home as the be all and end all of life.

OP doesn’t own multiple properties. She owns one property and multiple loans. She will own multiple properties when he numerous tenants pay off the mortgages for her.

I find mumsnet bizarre with its “we hate landlords” attitude. You can be a good person and let out property. There are people who don’t see owning their home as the be all and end all of life.

As I said above, I would absolutely love it if renting was a decent option. I rented for 20+ years.

We had to buy in the end, because it was so much cheaper than renting, and gave our kids some sort of security in their home.

I don't give a fuck about owning my own home. We are lucky that we were able to, but it's not something I ever aspired to nor see as an achievement.

The problem is that after over two decades of renting, I was only too aware that

1. People who make profit out of others' need for the most fundamental thing, a home, are bad people.

2. Renting gives you no safety or security. See above: OP actually thinks it makes her sound like a good person that she's apparently only once forced someone out of their own home because they couldn't afford her hiking of the rent.

Owning a place now, I see just how huge the gulf between mortgage/homeowning costs and rental rates is, and it just makes me more aware than ever of quite how low the people are who choose to profiteer from other people's need for a roof over their heads.

ivykaty44- I personally dislike the idea of making a profit off anyone. However people seem to accept pharmaceutical companies profiting from people's disease, and people vote all the time to privatize transport and education. So why is being a landlord singled out? Certainly sleazy landlords are to be despised, but decent ones have a business like anyone else. Housing is as a basic need as food, health and education. Lastly, I think the ridiculous pricing of houses in London has more to do with foreign investment and the service industry that with BTL landlords. I think the government should have never sold council houses and have a duty to provide housing for some people.

How long ago did you buy your properties?

What are the properties worth in today's market?

I don't see why there is so much hate and bitterness towards Landlords. I bought a flat when I was 21, because I couldn't afford to rent. The banks gave 100% mortgages and it was cheaper to buy. It's now nearly paid off, we have plans in the future to move away and buy a house, but we will rent out the flat. I don't want to sell the flat, but don't want to live in it then either in case we want to move back to the area. The solution is rent it out.